Posted: August 10, 2018
Equipped with a specialized skill set and sophisticated financial knowledge, CPAs have the opportunity to enter a burgeoning market — projected to reach an economic impact of $70 billion in the U.S. by 2021 — where they can access a new realm of clients in dire need of their help, not to mention a substantial new source of revenue for their firms.
Posted: August 2, 2018
Experts demystify the very young and evolving industry, and share advice on how to work with potential clients in the business.
Posted: July 5, 2018
In a recent decision, the Tax Court illustrated the importance of good record-keeping, as well as the continuing barrier the Tax Code poses for the full deductibility of expenses related to marijuana facilities, in Alterman v. Commissioner, T.C. Memo 2018-83.
Posted: June 6, 2018
New Jersey’s expansion of the medical cannabis program and the potential for legalization of recreational use on the horizon brings an increased demand for professional services by certified public accountants. The NJCPA and New Jersey CPAs stand ready to be a resource.
Posted: May 16, 2018
As part of your process in assessing “risks,” never forget that your professional acts and decisions will be judged in hindsight. Therefore, if your firm decides to service cannabis clients (or any other higher-risk clients, for that matter), be extremely attentive to malpractice rules.
Posted: April 30, 2018
Providing accounting services to marijuana businesses is full of potential legal and ethical minefields.
Posted: March 1, 2018
Practitioners should be aware that even if they do not want to work directly with new cannabis industry clients, some of their existing clients may not have the same hesitancy, and this can present the practitioner with the same ethical concerns that would be encountered with a new client.
Posted: December 14, 2017
More than 50 percent of the 747 New Jersey certified public accountants (CPAs) polled by the New Jersey Society of CPAs (NJCPA) in November said recreational marijuana use should be legalized in the state. Their reasons stemmed from it being a good source of tax revenue for the state and the potential for removing some of the burden on state prisons.
Posted: June 26, 2017
Pennsylvania recently joined the growing list of states where medical cannabis has been legalized. Pennsylvania is planning on issuing several different licenses, two of which are cannabis growers/processers and cannabis dispensaries. At the Federal level, find out what the challenges are.